The graphic jump on every generation is less or at least is our perception, but there are other stuff like the use of ssd , lite right tracing and in case on the PS5 the haptic controller; on Xbone you can pause a game , play other a and return to the game. So there are new things that current consoles do and previous no.
But since graphics matter yes the jump is.not spectacular, I think with games like Ratchet, Horizon DLC , RE 8 , TLOU2 ...we have seen what PS5 can deliver...do not think we will see a great improvement from now to the end of the generation. X bone has not showed anything better or on par with PS5 , maybe Forza or Fligh S but those are niche games. Fable looks promising and the game about the crazy girl, Hells blade.
But at the end think we have seen what this generation can deliver regarding graphics and personally i am fine with it, after all what can you expect for PS5 ans Series X considering their price and spects